As per projection of Morgan Stanley, Spotify will have 53 million paid subscribers in Asia, the Middle East, and Africa by 2023 compared with 11 million that it has currently. In March, Spotify had announced that it will enter the Indian market.
As per media reports, the relations between Spotify and music labels have strained in recent months following the former’s decision to licence music directly from some artists. According to a large label, “India is something Spotify wants, and we have not granted it yet. There’s a carrot-and-stick approach.”